摘要
本文选取2010—2022年中国177家商业银行的微观面板数据,实证分析了非银行金融机构影子贷款对银行流动性创造的影响及其机制。研究表明:(1)非银行金融机构影子贷款对银行流动性创造具有抑制作用。相对于股份制银行,非银行金融机构影子贷款对国有银行与城农商行流动性创造的抑制力度更大。资管新规的实施有助于减缓非银行金融机构影子贷款对银行流动性创造的抑制力度。(2)同业业务在非银行金融机构影子贷款与银行流动性创造的关系中承担着中介作用,非银行金融机构影子贷款主要通过降低银行同业业务规模的渠道来抑制银行流动性创造。(3)区分同业业务类型的渠道检验表明,相对于新兴同业业务渠道,传统同业业务渠道的中介效应占比更大,非银行金融机构影子贷款更易通过传统同业业务渠道来影响银行流动性创造。本文为提升非银行金融机构影子贷款监管效率及防控流动性创造维度的银行业系统性风险提供了重要的理论指导与决策参考。
This paper uses panel data comprising 177 commercial banks in China from 2010 to 2022 to empirically examine the mechanism through which shadow lending by non-bank financial institutions affects the liquidity creation of banks.The research shows that(1)shadow lending by non-bank financial institutions exerts an inhibitory effect on the liquidity creation of banks.Compared to joint-equity banks,shadow lending by non-bank financial institutions exerts a stronger inhibitory effect on the liquidity creation of state-owned banks and urban and rural commercial banks.The implementation of the“Guiding Opinions on Regulating the Asset Management Business of Financial Institutions”helps to mitigate the inhibitory effect of shadow lending by non-bank financial institutions on banks’liquidity creation.(2)Interbank business plays an intermediary role in the relationship between shadow lending by non-bank financial institutions and banks’liquidity creation.Shadow lending by non-bank financial institutions suppresses banks’liquidity creation mainly through the channel of reducing the size of interbank business.(3)The channel test for distinguishing interbank business types shows that the intermediation effect of traditional interbank business channels accounts for a larger proportion than that of emerging interbank business channels,and shadow lending by non-bank financial institutions is more likely to influence the liquidity creation of banks through traditional interbank business channels.The paper provides important theoretical guidance and decision-making reference for improving the regulatory efficiency of shadow lending by non-bank financial institutions and preventing and controlling systemic risk in the banking sector in the dimension of liquidity creation.
作者
顾海峰
朱慧萍
Gu Haifeng;Zhu Huiping
出处
《证券市场导报》
北大核心
2023年第12期68-76,共9页
Securities Market Herald
基金
教育部人文社会科学研究规划基金项目“跨境资本流动对商业银行信贷风险的影响机理及政策研究”(项目编号:20YJA790014)
东华大学人文社科繁荣计划预研究重大项目“新发展格局下双支柱调控框架对银行风险的治理效应、实现机制及政策优化研究”(项目编号:2022Z001)。
关键词
非银行金融机构
影子贷款
银行流动性创造
同业业务
货币政策
non-bank financial institutions
shadow lending
liquidity creation of banks
interbank business
monetary policy
